USD/JPY 1H Chart: Rectangle

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Source: Duakscopy Bank SA
© Dukascopy Bank SA
USD/JPY has fallen below SMA200 in the middle of the last week and fluctuated around it forming a Rectangle pattern on the 1H chart. The pattern has 51% quality and 74% magnitude in the 119-bar period.
 
The pattern started when the pair rebounded from 80.619 and after testing pattern's lower band at around 79.181 it has slowed at around 79.62 where the pair is currently trading. Patterns resistance band is at 79.926. On aggregate technical indicators point at bullish market outbreak on the 4H and 1D time horizons. The SWFX market sentiment supports such probability as 75% (5% more than 6 hours ago) of traders expect the pair will continue its recovery soon. Long traders could focus on the patterns upper band at 79.926. If this level is breached, next targets could be at the daily support levels at 80.1192 and 80.4466 (Fibonacci) and recent high at 80.619.

Short traders expecting negative fundamental news from the US could focus slightly below SMA200 at 79.65. If the pair breaches this level, next possible targets could be set at the daily support at 79.5896 (Fibonacci), at the recent low at 79.448 and the patterns lower band or 79.181 .  

© Dukascopy Bank SA
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Tue, 03 Jul 2012 07:13:43 GMT

USD/JPY 1H Chart: Rising Wedge

USD/JPY has been fluctuating around SMA200 after a sharp drop in the middle of the last and has formed a Rising Wedge pattern on the 1H chart. The pattern has 75% quality and 46% magnitude in the 104-bar period. The pattern started when the pair bounced from 79.230 and after testing pattern's resistance band at 79.864 and 79.987 it has slowed

Mon, 02 Jul 2012 06:06:23 GMT

USD/JPY 4H Chart: Rectangle

USD/JPY has fallen below SMA200 in the middle of the last week and fluctuated around it forming a Rectangle pattern on the 4H chart. The pattern has 51% quality and 50% magnitude in the 31-bar period. The pattern started when the pair rebounded from 80.619 and after testing pattern's lower band at around 79.181 it has slowed at around 79.62 where

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